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CBA's CommSec retention decision paying off with profit

Joyce Moullakis

Commonwealth Bank of Australia's retention of the nation's largest online broker, CommSec, is paying off as the group shrugged off impairments to post a solid lift in annual profit.

Both CBA and rival National Australia Bank have committed to online broking, while ANZ Banking Group sealed a transaction last year that would see customers of ANZ Share Investing, formerly E*TRADE Australia, transition to a CMC platform.

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Joyce Moullakis wrote on banking and finance, specialising in Investment Banking, Private Equity, Financial Services. Connect with Joyce on Twitter. Email Joyce at jmoullakis@afr.com.au

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    Original URL: https://www.afr.com/companies/financial-services/cbas-commsec-retention-decision-paying-off-with-profit-20181004-h1680n